Shutterfly 2013 Annual Report Download - page 105

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Note 12 — Quarterly Financial Data (Unaudited)
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are as follows
(in thousands, except per share amounts):
Year Ended December 31, 2013
First Second Third Fourth
Quarter Quarter Quarter Quarter
Net revenues .......................... $ 116,708 $ 133,461 $ 122,685 $ 410,788
Gross profit ........................... $ 54,855 $ 61,745 $ 51,377 $ 246,072
Net income (loss) ....................... $ (12,405) $ (11,811) $ (10,148) $ 43,649
Net income (loss) per common share:
Basic ................................ $ (0.33) $ (0.31) $ (0.27) $ 1.15
Diluted .............................. $ (0.33) $ (0.31) $ (0.27) $ 1.10
Year Ended December 31, 2012
First Second Third Fourth
Quarter Quarter Quarter Quarter
Net revenues .......................... $ 91,291 $ 99,020 $ 98,536 $ 351,777
Gross profit ........................... $ 41,238 $ 48,310 $ 43,407 $ 212,812
Net income (loss) ....................... $ (10,040) $ (9,511) $ (10,478) $ 53,027
Net income (loss) per common share:
Basic ................................ $ (0.29) $ (0.27) $ (0.29) $ 1.46
Diluted .............................. $ (0.29) $ (0.27) $ (0.29) $ 1.40
Note 13 — Subsequent Event
On February 6, 2014, the Company’s Board of Directors approved an increase to repurchase up to
$100.0 million in addition to amounts repurchased to date. The share repurchase authorization, which is
effective immediately, permits the Company to effect repurchases for cash from time to time through open
market, privately negotiated or other transactions, including pursuant to trading plans established in
accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended, or by a
combination of such methods. The share repurchase program is subject to prevailing market conditions
and other considerations; does not require Shutterfly to repurchase any dollar amount or number of
shares; and may be suspended or discontinued at any time. The program now expires in April 2015.
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